Mumbai: Titan Industries, which sells jewellery and watch among others, has set a goal of crossing the $1 billion mark turnover in the current fiscal.
“Nearly 65% of the target is expected to come from gold ornaments,” Tata Group said highlighting the innovation and innovativeness of the company.
Titan Industries, a joint venture between the Tata Group and Tamil Nadu Industrial Development Corporation, had recorded Rs3847.72 crore revenue in 2008-09.
Jewellery contributed Rs2763.2 crore to the total revenue, watch segment Rs908.49 crore and other products like eyewear, accessories and precission engineering components the remaining.
Titan Industries is one of the premier players in India’s Rs80,000 crore jewellery market. Semi-urban and rural areas account for nearly 60% of the total market.
Titan sells jewellery through its GoldPlus and Tanishq retail chains. While GoldPlus addresses the rural and semi-urban mass market and focuses on plain gold jewellery, Tanishq focuses on the metros.
GoldPlus expects to record Rs2,000 crore turnover over the next four-five years.
“By the end of 2008-09, the company expects that GoldPlus turnover will be close to Rs400 crore and in the next four-five years, it could be Rs2,000 crore,” a Tata Group’s report on its innovations said.
GoldPlus, which stated with Rs13 crore worth of business in 2005-06 through two stores at Erode in Tamil Nadu and Ratlam in Madhya Pradesh, has added nearly 30 stores to its chain and notched up an income of Rs200 crore in 2007-08.
anishq, which comes out with a new range of jewellery once in every six months, had clocked Rs2,143 crore in sales in 2007-08.